How much do I need to earn to buy a house in Ottawa?
Have you been dreaming of a cosy little nest for a long time? Here's how long it takes to save up for a down payment.
The National Bank of Canada has published report with the latest data on the purchase of houses and apartments in different cities in Canada. The uniqueness of this document lies in the fact that it indicates the necessary family income and the time period during which the family will be able to save for the down payment by saving 10% each month.
The report notes that the average price of a home in Ottawa is now $544,644 CAD and an apartment is $338,014 CAD. However, prices change very quickly, so it is best to check with a professional realtor.
If you're interested in the topic of real estate and thinking about owning your own home, check out new interview with a Canadian realtor.
So, people dreaming of buying a new home in Ottawa, will need to save a tenth of their monthly income for three years. This amount will cover the down payment.To buy an apartment, you will need to save a little less — 2 years.
The report also states that to buy a house, a family must have an income of $110,587 CAD and for an apartment, $68,929 CAD. Currently, the average family receives about $90,625 CAD.
In other cities like Vancouver, it would take 408.5 months to accumulate the down payment needed to buy a house with an average price of $1.3 million CAD. And in Toronto, it would take 289 months to save for a down payment of $207,888 CAD.
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